During this time period, we have an interesting question. Whose wealth has grown during COVID-19? Not me. And probably not YOU. With unemployment still rather high.
As you read about billionaires below, consider the net worth of “typical” Americans.
It’s the Billionaires: Whose Wealth Has Grown During COVID-19?
For this post, we turn to one of our favorites sources, Statista. As Niall McCarthy reports:
American billionaires haven’t been just immune to the pandemic. They have been thriving. Thereby, drastically increasing their collective wealth. An analysis by Chuck Collins at the Institute for Policy Studies found American billionaires have seen their wealth grow by $1 trillion since March 2020. Equal to more than 34 percent. That was not so during the 2008 financial crisis. Then, it took Forbes’ 400 richest people three years to recoup their losses from the Great Recession. Collins’ findings highlight a wealth gain by a mere 650 individuals. And at a time when nearly 7 million Americans are at risk of eviction when moratoriums expire at the end of the year.
Yet, of the 650 billionaires on the list, 47 are new arrivals. Among the most impressive financial gains among notable billionaires on the list? Jeff Bezos growing his fortune by $69.4 billion between March 17 and November 24. The Amazon boss and richest man on the planet is worth more than $180 billion. Tesla and SpaceX CEO Elon Musk has seen his fortune experience a meteoric rise. His wealth has surged a whopping 414 percent. Climbing from “just” $24.6 billion to more than $125 billion. Making him the world’s second richest man after Bezos.
Overall. U.S. billionaires own $4 trillion, 3.5 percent of all privately held wealth in the country. Billionaire wealth is now twice the amount of wealth held by the bottom 50 percent of all American households combined, approximately 160 million people.
Take a look at the infographic by Statista.